In April 2016 SoCal Trailers Co had the following cost

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In April 2016, SoCal Trailers Co. had the following cost data:COST DATAa. Raw materials
costing $92,000 were purchased.b. Raw materials costing $91,000 were used: direct materials,
$85,000; indirect materials $6,000.c. Factory wages of $72,000 were incurred: direct labor
$60,000; indirect labor $12,000. Social security tax deductions were $4,464, Medicare tax
deductions were $1,044, federal income tax deductions were $10,800.d. Other overhead costs
of $29,000 were incurred. (Credit Accounts Payable.)e. Estimated manufacturing overhead
costs were applied to jobs in production at the rate of 75 percent of direct labor costs.f. Finished
goods costing $160,000 were transferred from production to the warehouse.g. The cost of
goods sold was $130,000.h. Sales on account for the month were $220,000.INSTRUCTIONS1.
Prepare general journal entries to record each item of cost data given. Use the account titles
listed in your textbook.2. Compute the amount of overapplied or underapplied overhead for the
month.3. Prepare a partial income statement for April. Adjust the Cost of Goods Sold for any
overapplied or underapplied overhead.Analyze:Based on the partial income statement you have
prepared, what portion of each sales dollar is realized as gross profit?View Solution:
In April 2016 SoCal Trailers Co had the following cost

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